HD Hyundai chairman Jeong Gi-seon marks one year: mergers, power and nuclear bets
In short
Jeong Gi-seon (정기선), chairman of HD Hyundai (HD현대), reached the first anniversary of his chairmanship on 17 October. Korean outlets point to the merger of shipbuilding and construction equipment units, a push into the US market and investment in power engines and small modular reactors. Labour disputes and Chinese competition are named as open challenges.
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Jeong Gi-seon, chairman of HD Hyundai, reached the first anniversary of his chairmanship on 17 October. Yonhap and Dong-A Ilbo reported that he was promoted from senior vice chairman to chairman on 17 October last year. Dong-A Ilbo said Kwon Oh-gap, who had led the company until then, handed over and became honorary chairman. Yonhap said Jeong, born in 1982, joined Hyundai Heavy Industries in 2009, and HD Hyundai returned to owner-led management after 37 years. [ 1 , 2 ]
Yonhap and Dong-A Ilbo said Jeong is credited with reorganising the group's shipbuilding and construction equipment units. HD Hyundai Heavy Industries and HD Hyundai Mipo merged in December into a combined HD Hyundai Heavy Industries, with a target of 37 trillion won in sales and 10 trillion won in defence sales by 2035. In January, HD Hyundai Construction Equipment and HD Hyundai Infracore merged into HD Construction Equipment, which Yonhap said aims for 14.1 trillion won in sales by 2030. Yonhap reported that the company took first place in India's excavator market in May with a 20.5% monthly share, ahead of Japan's Hitachi and Britain's JCB. [ 1 , 2 ]
Newsis and Yonhap reported that the group is putting money into power-related businesses. Yonhap said the group decided in September to invest a total of 1.0722 trillion won. Newsis said HD Hyundai Heavy Industries will invest 833.6 billion won in a HiMSEN engine base in Ulju County, Ulsan, with completion in May 2028, and 238.6 billion won in a dedicated SMR main-equipment plant due by the first half of 2029. Seoul Economic Daily instead put spending on energy infrastructure new business at more than 1.4 trillion won. Newsis added that the company signed power equipment supply contracts worth 627.1 billion won and 956 billion won with two US firms, and that it is pursuing sodium reactor cooperation with TerraPower, a US SMR company founded by Bill Gates. [ 1 , 4 , 6 ]
On the US market, Yonhap said HD Hyundai is working with Anduril on unmanned surface vessels and with Kiwit on local shipbuilding and block and module production, and linked the push to the MASGA project. Asia Economy said the group is building an AI- and robot-based shipyard, co-developing a welding humanoid with Persona AI and buying a stake in a Korean robotics firm. [ 1 , 5 ]
Seoul Economic Daily and Newsis gave first-half sales of 42.0113 trillion won, and Seoul Economic Daily, Asia Economy and Newsis gave operating profit of 6.9594 trillion won. Asia Economy and Newsis said the half-year profit exceeded the previous full year's. The two gave slightly different figures for last year's profit, 6.0966 trillion won and 6.0996 trillion won. Newsis also said Jeong received 2.8 million shares from his father, Chung Mong-joon, chairman of the Asan Foundation, last month, lifting his stake from 6.12% to 9.67% and making him the second-largest shareholder ahead of the National Pension Service. Chung Mong-joon still holds 23.05%. [ 4 , 5 , 6 ]
Yonhap named Chinese shipbuilders' technological catch-up, labour conflict at HD Hyundai Heavy Industries and Middle East instability as challenges. It quoted Jeong's inaugural address last year, which cited US-China rivalry and oversupply from China among the risks. Seoul Economic Daily said special-ship orders in the first half stood at 12.1% of the annual target. An industry official quoted by Asia Economy said the task ahead is turning the first year's restructuring and investment into results. [ 1 , 4 , 5 ]
Why it matters
The outlets present the year as one of restructuring and investment, with the group's first-half results cited as the base for it. They say the next stage is turning the power-engine and reactor investments into sales, and Newsis says the transfer of the remaining shares is still to be settled.
Key facts
- Jeong Gi-seon was promoted from senior vice chairman to chairman of HD Hyundai on 17 October 2025, and the first anniversary falls on 17 October 2026. [ 1 , 2 , 6 ]
- HD Hyundai Heavy Industries and HD Hyundai Mipo merged in December 2025 into a combined HD Hyundai Heavy Industries, and HD Hyundai Construction Equipment and HD Hyundai Infracore merged into HD Construction Equipment (HD건설기계) in January 2026. [ 1 , 2 , 5 ]
- HD Hyundai reported first-half consolidated sales of 42.0113 trillion won and operating profit of 6.9594 trillion won. [ 4 , 6 ]
- The group plans to invest a total of 1.0722 trillion won in a land-based power engine plant and a dedicated small modular reactor (SMR) facility, which Yonhap said it decided in September. [ 1 , 2 , 6 ]
- Jeong received 2.8 million HD Hyundai shares from his father, Chung Mong-joon (정몽준), last month, raising his stake from 6.12% to 9.67%, according to Newsis. [ 6 ]
- Yonhap lists Chinese shipbuilders' technological catch-up, labour conflict at a core affiliate and Middle East instability as risks to be addressed. [ 1 ]
Confirmed by several sources
- Jeong was promoted from senior vice chairman to chairman on 17 October last year, and the first anniversary is 17 October. [ 1 , 2 , 6 ]
- HD Hyundai Heavy Industries and HD Hyundai Mipo merged in December, and HD Hyundai Construction Equipment and HD Hyundai Infracore merged in January into HD Construction Equipment. [ 1 , 2 , 5 ]
- The shipbuilding unit set targets of 37 trillion won in sales and 10 trillion won in defence sales by 2035. [ 1 , 2 ]
- The group will invest 1.0722 trillion won in a land-based power engine base and SMR production facilities. [ 1 , 2 , 6 ]
- HD Hyundai Electric signed a supply agreement worth up to 1.1212 trillion won with a global big tech company in July. [ 1 , 2 ]
- First-half operating profit was 6.9594 trillion won, up 187% from a year earlier according to Asia Economy and Seoul Economic Daily. [ 4 , 5 ]
- HD Construction Equipment took first place in India's excavator market in May with a 20.5% share. [ 1 , 2 ]
Still unclear
- How much the group is spending on its new energy infrastructure business. Yonhap, Dong-A Ilbo and Newsis give 1.0722 trillion won for the engine plant and SMR facility, while Seoul Economic Daily says more than 1.4 trillion won has gone into energy infrastructure new business, without a breakdown.
- Last year's full-year operating profit. Asia Economy gives 6.0966 trillion won and Newsis gives 6.0996 trillion won, so the two outlets differ on the figure.
- How the remaining shares will be transferred and how the funding will be arranged. Newsis says Chung Mong-joon still holds 23.05% as the largest shareholder and that the method and funding remain open.
- The state of labour relations at HD Hyundai Heavy Industries. Yonhap's text is cut off mid-sentence after mentioning the union's talks this year; Seoul Economic Daily mentions partial strikes and a rejected tentative wage deal.